Section 179 Deductions
Tangible business assets include vehicles, equipment, and furniture. Depreciation is an accounting method used to allocate the cost of a tangible asset over its useful life. Depreciation ties the cost of using an asset with the benefit gained over its useful life. The IRS specifies the useful life of many types of assets under the […]
Overview of the Inflation Reduction Act of 2022
Background The Inflation Reduction Act that was signed into law in August is a remnant of the “Build Back Better Plan.” The original $6 trillion dollar proposal was supported by President Biden and essentially comprised his domestic agenda. While most of the original proposal died in legislation, a very limited portion of the plan was […]
Arizona Corporate Credits
Business owners in Arizona have a unique opportunity to offset their personal tax burden dollar for dollar by having their corporation make a charitable donation. Specifically, s-corporations can donate up to the state income tax liability of the business owner for the given tax year. Substantial Tax Savings Unlike the Arizona individual credits, the […]
